BERLIN, Aug. 30, 2022 (GLOBE NEWSWIRE) — BERLIN, August 302022 (GLOBE NEWSWIRE) – The Smart solar market is expected to grow at a CAGR of approximately 15.8% from 2022 to 2030 and is expected to reach a market value of approximately $62,279 million by 2030.
Key Highlights of the Smart Solar Power Market Report
- The global smart solar market size was USD 16,877 million in 2021 and is expected to grow at a CAGR of 15.8% from 2022 to 2030
- North American smart solar market expected to lead with over 35% market share
- Asia-Pacific Smart Solar Power Market Expected to Grow at Fastest CAGR During Forecast Period 2022 to 2030
- Among the solutions, asset management occupied more than 31% of the total market share
- Strict regulatory guidelines and technological advancements in North America and Europe are fueling the smart solar industry
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|Market||Smart solar market|
|Smart solar market Size 2021||$16,877 million|
|Smart solar market Forecast 2030||$62,279 million|
|Smart solar market CAGR from 2022 to 2030||15.8%|
|Smart solar market Analysis period||2018 – 2030|
|Smart solar market base year||2021|
|Smart solar market Forecast data||2022 – 2030|
|Segments Covered||By services, by components, by solutions, by components and by geography|
|Smart solar market Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||ABB Group, Aclara Software, Cooper Industries, Echelon, GE Power, HCL Applications, Itron, Inc., Schneider Electric, Sensus, Siemens AG, Silver Spring Networks, Inc, Smart Solar Solutions LLC, Sun Power, Trilliant, Inc and Urban Energy green.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
An increasing number of solar power grid installation projects are generating revenue in the smart solar power market. The term smart is used along with the solar system to describe devices that can communicate over the internet. The smart solar system offers various features such as it allows users to monitor solar power generation and performance from anywhere in the world using internet or mobile connectivity, and allows users to control appliances of the home in particular to optimize solar energy production, and the smart solar system provides visibility and information on energy production and consumption that allows the user to reduce overall energy consumption and to maximize the value of the solar investment.
Recent smart solar market trends that are supporting the expansion of the industry include the emergence of smart cities and the growing acceptance of green energy. However, high start-up costs and reduction in subsidies are two reasons affecting the market share of smart solar power. Furthermore, rising environmental awareness and developments in the solar industry are some of the major factors that are expected to generate various growth opportunities for the market between 2022 and 2030.
Some of the major highlights regarding the smart solar industry include
• India’s Greater Visakhapatnam Municipal Corporation (GVMC) is set to install a smart solar flower at VMRDA Park (Vuda Park). The new facility is planned as part of the ongoing renovation works in 2020 with the sanctioned fund of around Rs 40 lakh. The smart flower works on a mechanism similar to the sunflower and it is a ground mounted solar system that tracks the sun all day.
• Mestron Holdings Bhd. collaborates with Samdo Smart Solar and signed a joint venture agreement in December 2020. This strategic move aims to jointly undertake engineering, procurement, construction and commissioning (EPCC) services for six solar power systems for telecommunication towers in Malaysia.
• A start-up founded by researchers at the University of Exeter won funding from the Sustainable Innovation Fund in December 2020. The funding is intended to explore the use of solar wall technology on rail networks. The UK has over 20,000 miles of narrow rail corridors and over 10,000 property assets within the nation’s rail infrastructure. According to the researchers, this is an opportunity to use solar walls to provide renewable energy for transport electrification in the near future.
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Impact of COVID-19 on Global Smart Solar Power Market Value
COVID-19 has had a negative influence on the smart solar industry due to strict lockdowns and social distancing put in place to contain the spread of the virus. The COVID-19 pandemic crisis has had a significant influence on various industrial sectors in terms of production, sales and revenue. Due to COVID-19, major solar equipment suppliers have also experienced production delays, which has resulted in a significant delay in order fulfillment. The Chinese market has been hit hard by frequent lockdowns and supply chain disruptions. More than 80% of cells, modules and other important raw materials used in solar energy are imported into China. With the onset of the coronavirus pandemic, generation units were shut down and supply chain management was severely hampered, resulting in a significant reduction in the supply and demand for smart solar. As a result, the COVID-19 outbreak has hampered the smart solar market size.
Smart solar market segmentation
The global smart solar power market is segmented on the basis of services, applications, solutions, components, and geography. Based on services, the market is divided into demand response services, consulting services, system integration, deployment services, support and maintenance services. Smart solar has applications in the commercial and industrial (C&I) and residential sectors.
Based on the solutions, the market is divided into asset management, network monitoring, meter data management, telemetry, etc. By components, the smart solar power market is divided into supervisory control and data acquisition (SCADA) systems, smart metering devices, and radio frequency identification (RFID).
Smart Solar Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, Middle East and Africa are the regional categorizations of the Smart Solar industry. In 2021, North America held the major share (%) of the smart solar power market, and the region is also expected to continue to dominate over the estimated period. The increase in the cost of electricity, while the emphasis on the use of green energy supports the growth of the regional market value. The major developed economies in the region, the United States and Canada, are the major contributors to the growth of the regional market. Major US cities including Los Angeles, San Diego, Honolulu, Phoenix, Albuquerque, San Jose, Burlington and San Antonio are rapidly turning to solar power to meet their energy needs. Additionally, cities have doubled their installed solar photovoltaic (PV) capacity since 2013.
Asia-Pacific region is expected to show the fastest growth with a major CAGR (%) during the forecast period in the smart solar power market. The fastest growth is expected to be driven by the region’s major economies, including Japan, China, Australia and India. In Australia, more than 1.5 million solar homes are taking advantage of smart technology at relatively low installation cost.
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Smart solar market players
Some of the top smart solar companies covered in the industry include ABB Group, Aclara Software, Cooper Industries, Echelon, GE Power, HCL Technologies, Itron, Inc., Schneider Electric, Sensus, Siemens AG, Silver Spring Networks, Inc, Smart Solar Solutions LLC. , Sun Power, Trilliant, Inc and Urban Green Energy.
Smart Solar companies announced mergers and acquisitions, partnerships and collaborations, and new product development to strengthen their position in the smart solar industry. Major players are also moving into new regions with their advanced technologies to gain a competitive edge as well as help more regions achieve their sustainable energy goals.
Questions this report answers
- What was the market size of Smart Solar Market in 2021?
- What will be the CAGR of the smart solar market during the forecast period, 2022 to 2030?
- Who are the key players in the Global Smart Solar Market?
- Which region held the largest smart solar market share in 2021?
- What are the key market drivers of Smart Solar Market?
- Who is the biggest end user of Smart Solar Market?
- How much will the smart solar market be worth in 2030?
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